HSBC 6.0% promotion

[BTC]

Re: HSBC 6.0% promotion

Alright. The transfer from ELoan to my checking account posted next business day(I'm impressed). After HSBC is allowed 5-10 business days to handle the transfer on their side I'll be earning 6.0 APY. Yeah, baby.

[Aleta]

Re: HSBC 6.0% promotion

I think that it's a great rate for 3 months. I was going to go to a bank and open up a CD for 4 months which had a rate at 5.55. Plus, you can add to this unlike a CD. My two small deposits were in my bank within the next day which I thought was pretty fast. I saved myself time to dress up to go to the bank, drive time, gas, and the whole application bit and usually if you want someone else's name on the CD or bank account; that person has to come in person as well and sign their signature. Then, when your CD matures, you have to go back in person and go throught the same process again, wait for your check, and listen to a sales pitch to keep your money with them. Going on-line is so much easier. Plus, you can have an ATM card and they have locations in various areas so that's not bad.

[sweeps]

Re: HSBC 6.0% promotion

It's even better than a 3-month CD because you can get out if you want/need to with no penalty.

[Aleta]

Re: HSBC 6.0% promotion

That's the best part of being able to get out of it and with that rate, you're definitely going to be adding more money in which you can't normally do with a CD.

BTW, I asked them abour the daily rate and it is 5.84% and APY is 6%. Where can you get 5.84%.

[goodtosave]

Re: HSBC 6.0% promotion

HSBC allows your funds to be transferred out using another bank's EFT. So if you have emigrant or ING or other banks that allows initiation of bank transfers, then you can initiate the transfer from that bank. If I recall correctly, emigrant takes a day so you can initiate the withdrawal of HSBC from emigrant. Losing a day's of interest is better than 3-4 days of interest.

[goodtosave]

Re: HSBC 6.0% promotion

Thanks Sweeps. I opened one up today. There are no minimums, but you have to keep the account there for 6 months as long as you keep $1. balance. As far as float times, it doesn't matter if you're already transferring out of a savings account. You're still earning interest.

When HSBC floats your funds for 3-4 days, you do not earn interest. For example, they debit $100 out of your account 1/8/07 and you receive credit to your destination account on 1/11/07, you will have lost 3 days of interest from 1/8/2007 to 1/10/2007.

These may not matter but it's 0.14 interest a day(assuming 5%) for every $1000.

[sweeps]

Re: HSBC 6.0% promotion

When HSBC floats your funds for 3-4 days, you do not earn interest. For example, they debit $100 out of your account 1/8/07 and you receive credit to your destination account on 1/11/07, you will have lost 3 days of interest from 1/8/2007 to 1/10/2007.

These may not matter but it's 0.14 interest a day(assuming 5%) for every $1000.

True. Contrast that with GMAC which actually shows your deposit BEFORE it's been withdrawn from the source bank. Theoretically you get interest in both places for a day.

[vsjhoc]

Re: HSBC 6.0% promotion

I just opened the account. It looks like they may have done a "hard" credit pull. Does anyone know? The security questions were about my mortgage and were the same questions that one of the credit bureaus uses. I will not be a happy camper if it generated another inquiry.

[poundwise]

Re: HSBC 6.0% promotion


I checked a few sources online and it seems that HSBC only uses your credit info to verify your identity. Apparently they perform ChexSystems review only.

[Coleroo]

Re: HSBC 6.0% promotion

I just saw this commercial today! I liked it.. nice commecrcial, i thought.

I definately dont care for HSBC's lag time. It takes a week for money to show up in my bank of america account. For instance, I'll request withdrawal on Tuesday, it wont show in my other bank till the following Monday. I've done it 3 times, with the same timing on each one ..4 to 5 business days. In the mean time, the money will "look" like it's gone from your HSBC account, yet it'll be days before you see it again in the target account. I got scared that it was lost the first time I did it! Definately not like ING (which only takes one business day for me usually). I dont like the interface too much - ING's is much simpler and user friendly. HSBC also does not show a running tally of potentially accrued interest either and they go by an "average daily balance" when doing APR.

But.. for the most part.. HSBC is a great "hard to get to" bank if you just want to leave your money sitting there for a while and not look at it too often! (which I have a tendancy to want to do every day .. just to "peek" and make sure its still there..haha..kinda like the kid who pulls money out of his piggy bank every day JUST to count it again, then puts it back. :-D)

[jlvkfyang]

Re: HSBC 6.0% promotion

Just verified my trial deposits. We will see how long it takes from here.

My joint app is my mom. She doesn't have a credit history. I think that might cause a problem. Her portion is still pending.

[HiImSeth]

Re: HSBC 6.0% promotion

I just verified my trial deposits as well. I'm looking forward to getting some money transferred around but as someone else mentioned I'm waiting until tomorrow to transfer current balance from ING to my checking account. Is it true that if you do it before the month ends you lose some accrued interest?

[Aleta]

Re: HSBC 6.0% promotion

Anytime that I have closed out an account before the statement date, I have lost my interest. Might be good just to keep a small amount in your account and not close it out completely. That was for a money market deposit account and for an interest bearing account as well. They have their little tricks so you have to ask questions and find out how much you should leave in there. Then, go the next day and take out the rest.

[bjl584]

Re: HSBC 6.0% promotion

I just opened an account. I am not able to access it yet. The sales rep. told me that an email will be sent to me with login info within a day or two. Does this sound normal? It sounds ok to me, but I was just wondering the procedure that others have experienced. Thanks.

[Aleta]

Re: HSBC 6.0% promotion

To: bjl584 I received the Email with the temporary registration number and said that I would receive the password in the days to come. It seems like it's just alot of trouble. But, we'll see. Tomorrow, I'm going to transfer some money from my account to ING and to Emigrant to see how long it takes. I'll do the same with the new account as soon as it's set up. I have to say though that the customer service people are very nice and helpful. They don't make you feel stupid. So, far, I like their service people.

If I find that the lag time is too long, I will write and complain.